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Rational choice modeling refers to the use of decision theory (the theory of rational choice) as a set of guidelines to help understand economic and social behavior. [ 1 ] [ 2 ] The theory tries to approximate, predict, or mathematically model human behavior by analyzing the behavior of a rational actor facing the same costs and benefits .
Social choice theory is a branch of welfare economics that extends the theory of rational choice to collective decision-making. [1] Social choice studies the behavior of different mathematical procedures ( social welfare functions ) used to combine individual preferences into a coherent whole.
Plurality-rule methods like first-past-the-post and ranked-choice (instant-runoff) voting are highly sensitive to spoilers, [6] [7] particularly in situations where they are not forced. [ 8 ] [ 9 ] By contrast, majority-rule (Condorcet) methods of ranked voting uniquely minimize the number of spoiled elections [ 9 ] by restricting them to rare ...
The mythological Judgement of Paris required selecting from three incomparable alternatives (the goddesses shown).. Decision theory or the theory of rational choice is a branch of probability, economics, and analytic philosophy that uses the tools of expected utility and probability to model how individuals would behave rationally under uncertainty.
The paradox of voting, also called Downs' paradox, is that for a rational and egoistic voter (Homo economicus), the costs of voting will normally exceed the expected benefits. Because the chance of exercising the pivotal vote is minuscule compared to any realistic estimate of the private individual benefits of the different possible outcomes ...
On January 11, the Center for Election Confidence released a study of the effects of ranked choice voting (RCV). (The center, previously known as the Lawyers Democracy Fund, opposes RCV.)
Constitutional economics is a research program in economics and constitutionalism that has been described as extending beyond the definition of "the economic analysis of constitutional law" to explain the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political ...
The gain in expected utility can be maximized by choosing a vote with suitable values of v i, depending on the voting method and the voter's prospective ratings for each candidate. For specific voting methods, the gain can be maximized using the following rules: Plurality: Vote for the candidate with the highest prospective rating.